Capital Mobility and Distributional Conflict in Chile, South Korea, and Turkey

Which type of capital mobility?Explaining capital account liberalizationCurrency convertibility in ArgentinaCapital flows, growth, and distributionTheories of institutional changeDistribution and institutional changeThe logic of the comparative-historical analysisCase selection and data sourcesBoom, crash, restraint: The politics of taming capital flows in ChileDistributional conflict and neoliberal economic transformationFinancial opening: boom and crash under unrestricted opennessBoomCrashExplaining financial opennessThe reordering of political and economic powerRecovery, export miracle, and its political consequencesThe rise of the export sectorRecovery and growth based on export dynamismRamifications: a solid export coalition and export-based growthCapital mobility restrainedThe end of the Pinochet regime and the priorities of the Concertacidn governmentRedistributive policiesSurge in capital inflowsCurbing capital inflowsExplaining the restraints on capital mobilityConclusionEmbracing hot money, rejecting cold money in South KoreaDistribution, finance, and Korean developmentThe political economy of Korean developmentThe historical origins of the developmental allianceDistribution relations after the Korean warThe beginnings of chaebolsThe leap forward and the state-big business pactThe increasing preponderance of chaebolsThe developmental alliance under strainThe politics of embracing hot moneyDistribution relations and the pre-liberalization structure of the Korean financial systemThe making of Achilles’ heelPlaying with fire and the crisisConclusionPremature financial opening and boom-bust cycles in TurkeyBackground: distribution relations and recurring balance of payments problemsExternal liberalizationThe 24 January 1980 economic package and liberalization reformsThe Motherland Party governmentUnorthodox liberalization, uneven growth, and the restructuring of the statecapital account liberalizationThe 1987 referendum and political openingThe exhaustion of rapid growthThe rush to full convertibilityEpilogue: neoliberal rent distributionConclusionInterests, ideas, and diffusionInterests and domestic preferencesIdeasPolicy diffusionDistribution relations, neoliberalism, and institutional changeConcluding wordsAppendix A: Distribution and economic growthAppendix B: Capital mobility and social interestsAppendix C: Perils of capital account liberalizationAppendix D: Measuring capital account opennessAppendix E: List of intervieweesBibliography
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